Average tax refund down 9%, IRS says
The IRS says the average tax refund is about $2,900, which is 11% less than last year.
WASHINGTON (KABC) -- The deadline to file your taxes is just two weeks away, but don't be surprised if your tax refund is smaller this year than in years past.
According to the IRS, 80 million Americans have filed their 2022 returns.
So far, the government has issued $172 billion in refunds, which is down 9% from this time last year.
The average refund also dropped from about $3,200 to $2,900. Pandemic-era provisions, such as the expanded child credit, have expired, leading to the decrease.
While that number falls, the number of people who are getting refunds is rising.
The IRS said it has given out refunds to 59 million people so far this year -- up 3% from last year.
Most Americans have until Tuesday, April 18, to file their taxes.
